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(Bloomberg) -- CC Capital Partners raised its offer for Insignia Financial Ltd. to about A$3.1 billion ($1.9 billion) as a bidding war ramps up between private equity players wanting to buy the Australian money management firm.
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CC Capital sweetened its bid to A$4.60 per share, Insignia said in a statement Friday. That tops its earlier approach and a separate offer from Bain Capital by 7%. The shares added as much as 4.8% as of 10:56 a.m. in Sydney.
The deal marks a potential opportunity for an overseas private equity firm to cut costs and reduce debt at Insignia, which manages A$320 billion. The firm traces its roots back to 1846 with a business that now spans financial advice and the management of retirement savings.
Insignia Chief Executive Officer Scott Hartley has said the firm is targeting affluent people in need of savings advice in Australia, home to a A$4 trillion pension industry that’s growing fast.
The deal has now been in play for more than a month after Boston-based Bain’s initial offer of A$4 per share on Dec. 13. CC Capital’s most recent bid is 15% higher.
CC Capital was co-founded by Chinh Chu, a former dealmaker at Blackstone Inc. It spans insurance as well as asset management and also manages his personal wealth.
(Adds Friday’s share price in second paragraph, details on deal and CC Capital from fifth paragraph)
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